金融危机背景下流动性逆转的国际传导机制研究

The Transmission Mechanisms of the Liquidity Reverse in the Financial Crisis

在经济全球化与金融全球化日益加深的背景下,此次金融危机的流动性特征让我们深刻认识到,流动性过剩与流动性紧缩可以迅速相互逆转,不仅在金融机构和金融市场间扩散,还通过国际贸易、资产价格等渠道进行国际传导和扩散,给各国的金融体系和实体经济带来严重的负面冲击。本文深入研究金融危机背景下流动性从过剩到紧缩从美国向其他国家的传导渠道和机制,并从全球视角,对部分发达国家和新兴经济体国家货币流动性、银行系统流动性和金融市场流动性逆转的具体表现进行分析。

In the context of economic globalization and financial globalization,The liquidity characteristics of this financial crisis had made us profoundly aware the excess liquidity and crunch of liquidity could be quickly reversed,and diffused among financial institutions and markets,and also can be transmitted and spread internationally through channels like international trade,asset prices and etc,therefore,caused negative impacts to financial system and real economy.This paper studies the transmission channels and mechanisms of the excess and crunch of liquidity from the United States to other countries.And analyze the specific performance of the currency liquidity,the banking system liquidity and financial market liquidity reversal of developed countries and emerging economies on a global perspective.